Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7800 Sommer St Peoria, IL 61615

    • Commercial real estate
    • 3.14 lot acres
    For Lease
    View listing
    $8 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1887917
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • OSF Rehabilitation / Medical Clinic
    • Benjamin Deig / Alternative Medicine Practice
    • Code Ninjas / Training Center / Tutoring Service
    • Eagle Rock Insurance Services / Insurance Agency
    • Power Zone / Gym & Fitness Center

    Property Details for 7800 Sommer St

    Lot size
    3.14 lot acres
    Property type
    Commercial real estate
    APN
    14-08-201-019
    APU
    1408201019

    Description

    Parkway Plaza, located at 7800 N Sommer St in Peoria County, offers exceptional coworking and retail opportunities. This Class B property, built in 1999, boasts a total of 25,000 square feet on a 7.16-acre lot, zoned C-2. Currently, five individual units are available for lease, ranging in size from 1,200 to 1,763 square feet. The spaces are in excellent condition, with several move-in ready, providing immediate occupancy for businesses. The property features a convenient storefront design, ideal for maximizing visibility and foot traffic. Ample parking is available both in the front and rear of the building, ensuring convenient access for tenants and their clients. The strategic location offers direct access to the Rock Island Trail, providing a pleasant amenity for employees and visitors. Competitive rental rates are available, making this an attractive investment for businesses seeking a prime location in North Peoria. The property's multiple tenancy structure allows for flexibility and diverse occupancy. This retail and office space presents a unique opportunity to establish a thriving business in a well-maintained and conveniently located building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Peoria
    County
    Peoria
    State
    Illinois
    Longitude
    -89.6112
    Latitude
    40.7817
    CBSA code
    37900
    CBSA name
    PEORIA, IL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $31,343
    $104,970
    $228,160
    $333,130
    -
    $314,910
    $684,480
    $999,390

    Comparable in this City

    • Value Estimation by Request

      5647 Withershin Pt

      COMMERCIAL (GENERAL)
      5647 Withershin Pt, Peoria, IL 61615-3008
      View Details
    • Value Estimation by Request

      5905 Ridgecrest Dr

      COMMERCIAL (GENERAL)
      5905 Ridgecrest Dr, Peoria, IL 61615-3053
      View Details
    • Value Estimation by Request
      0.09 Acres

      Scrimshaw Dr

      COMMERCIAL (GENERAL) • 0.09 Acres
      Scrimshaw Dr, Peoria, IL 61615
      View Details
    • Value Estimation by Request
      1.14 Acres

      Sienna Ln

      COMMERCIAL (GENERAL) • 1.14 Acres
      Sienna Ln, Peoria, IL 61615
      View Details
    • Value Estimation by Request

      Sommer St

      COMMERCIAL (GENERAL)
      Sommer St, Peoria, IL 61615
      View Details
    • Value Estimation by Request

      4221 Southport Rd

      COMMERCIAL (GENERAL)
      4221 Southport Rd, Peoria, IL 61615-9531
      View Details

    Similar Nearby for Sale

    • $361,003
      1.95 Acres

      Prime Peoria Industrial Land

      1.95-acre commercial/industrial lot, shovel-ready.
      2900 Townline Rd, Peoria, IL 61615
      View Details
    • $1,764,942
      8.53 Acres

      Prime Peoria Industrial Land

      8.5 Acres, I1 Zoning, Excellent Location
      9818 Allen Rd, Peoria, IL 61615
      View Details
    • Contact for pricing
      1.30 Acres

      North Orange Prairie

      Land • 1.30 Acres
      0 Orange Prairie Rd, Peoria, IL 61615
      View Details
    • $608,097
      3.49 Acres

      Peoria Industrial Land - $608K

      3.49-acre commercial/industrial lot.
      2900 Townline Rd, Peoria, IL 61615
      View Details
    • $2,198,038
      8.41 Acres

      Prime Peoria Commercial Land

      8.41 Acres, Development Ready
      0 Centerway Dr, Peoria, IL 61615
      View Details
    • $2,836,500
      1.15 Acres

      Prime Peoria Commercial Land

      9.41 Acres, C2 Zoning, High Traffic
      0 Oakwood Dr, Peoria, IL 61615
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
      37,750 SF

      8001 N University: Peoria Office/Industrial

      Peoria, IL: Versatile Office & Warehouse Space
      8001 University St, Peoria, IL 61615
      View Details
    • $7 SF/Yr
      38,400 SF

      Pioneer Parkway Office Suites

      Prime Peoria Office Space Available
      2000 Pioneer Pkwy, Peoria, IL 61615
      View Details
    • $5 SF/Yr
      27,236 SF

      Peoria Industrial Flex Space Available

      Versatile Peoria warehouse/flex space for lease.
      2124 Altorfer Dr, Peoria, IL 61615
      View Details
    • Contact for pricing
      9,075 SF

      Prairie Point Flex Space Build-to-Suit

      Peoria, IL: Prime Flex/Warehouse Opportunity
      8924 Prairie Pt, Peoria, IL 61615
      View Details
    • $18 SF/Yr
      10,880 SF

      Peoria Executive Office Space Available

      Class A Office Suites, Peoria, IL
      9031 Allen Rd, Peoria, IL 61615
      View Details
    • $13 SF/Yr
      12,165 SF

      Prime Peoria Executive Office Space

      12,165 SF Office Building, 5,049 SF Available
      1315 Commerce Dr, Peoria, IL 61615
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    7800 Sommer St
    Peoria, IL 61615
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.